South Africa GDP 4.9% Larger After Rebasing; 2022 Output Revised to 6.99 Trillion Rand

South Africa's economy was estimated to be 4.9% larger than previously reported after a benchmarking and rebasing exercise, Statistics South Africa said on Thursday, raising the size of 2022 gross domestic product to 6.99 trillion rand ($420.19 billion) from a prior estimate of 6.67 trillion rand. The agency changed the base year for its GDP estimates to 2022 from 2015 and accounted for changes in the composition of the formal and informal economy. All 10 tracked sectors showed higher output, with mining, finance and trade posting the largest increases, partly due to factoring in illicit activity in those industries. In nominal terms, last year's GDP was revised to 8.04 trillion rand from 7.64 trillion rand. The rand was quoted at 16.6354 per dollar.